Lackluster investment in post-trade processes has caused an information blackout that prevents financial services firms from getting an enterprise-wide view of the money that has been spent on brokerage, custodian, exchange, and clearing services, and this weakness is taking a toll on profits, according to a new report from Meritsoft, a post-trade process automation services… Read More >>
CFTC Entices More Prime Brokerages to Use SEFs
CFTC Issues No-Action SEF Relief for Prime Brokers Prime brokerages are getting new encouragement to trade swaps via swap execution facilities (SEFs), according to a recent action via the CFTC’s Division of Swap Dealer and Intermediary Oversight (DSIO). Officials at the division announced that they will provide no-action relief to facilitate prime brokerage activities on… Read More >>
Fidelity Offers Buyout Plan for 3,000 Senior Employees
Online brokerage giant Fidelity Investments has launched a voluntary employee buyout program that is targeting 3,000 staff members who are 55 years or older and have logged a decade or more of service. The move will allow the firm to create opportunities for mobility for younger, less senior staff members and facilitate the next chapter… Read More >>
TD Ameritrade to Wed Scottrade for $4 Billion
TD Ameritrade will be acquiring its fellow discount brokerage Scottrade Financial Services in a $4 billion cash and stock transaction that TD describes as “a good strategic and financial fit for us” that will bring together complementary organizations that can bolster their investment guidance, planning and advisory services, including “robo” advice. “For TD Ameritrade, the… Read More >>
Rival Debuts Enterprise-Wide Risk Management Platform
Derivatives trading and risk systems vendor Rival Systems has launched an enterprise-wide risk management platform, Rival Risk, intended to help firms monitor risk and manage exposure in real time across multiple profit centers and asset classes, officials say. Newcomer Rival is making the tool widely available to brokerage and clearing firms, hedge funds, commodity trading… Read More >>
RJO Turns 100
Chicago-based R.J. O’Brien & Associates (RJO), the venerable futures brokerage and clearing firm, has celebrated its centenary birthday. It is the “oldest and largest independent” brokerage and clearing firm in the U.S., the company reports. The 100-year milestone, recognizing RJO as the Chicago exchange’s “last surviving founding member firm,” was marked by an award ceremony… Read More >>
RJO Hires from UBS for UK Post
Futures brokerage and clearing firm R.J. O’Brien & Associates (RJO), has appointed Paul Goodhew as senior vice president and head of global markets at its London-based R.J. O’Brien (UK) Ltd. affiliate, according to a company statement. Most recently, Goodhew worked as an executive director UBS. In his new role, Goodhew will focus on “expanding the… Read More >>
CITIC Securities Helps Vendor Move to the Cloud
China Information Technology (CNIT), a Chinese technology solutions provider, has entered into a partnership with CITIC Securities Co., Ltd., China’s largest securities broker by total asset and market share, to help ease the transition of CNIT’s traditional IT system integration to a cloud-based model, according to a company statement. CITIC Securities is the securities arm… Read More >>
ConvergEx Group Fills Three Top Posts
ConvergEx Group, a global brokerage and technology vendor, has added three industry veterans to its leadership line-up, hiring from Janney Montgomery Scott, Canaccord Genuity and Bank of America Merrill Lynch, officials say. Greg Voetsch is the new CEO of ConvergEx Execution Solutions and head of brokerage services while Charles Galligan is head of program trading…. Read More >>
